Rigetti Computing (NASDAQ:RGTI) Trading Down 7.6% – Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price dropped 7.6% during mid-day trading on Friday . The stock traded as low as $13.21 and last traded at $13.32. Approximately 25,881,428 shares changed hands during trading, a decline of 14% from the average daily volume of 29,927,846 shares. The stock had previously closed at $14.41.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Needham & Company LLC lowered their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Finally, Mizuho decreased their price target on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Rigetti Computing has an average rating of “Moderate Buy” and an average target price of $31.70.

Rigetti Computing Trading Down 7.6%

The stock has a market cap of $4.42 billion, a PE ratio of -19.59 and a beta of 1.71. The business has a 50-day moving average price of $17.93 and a 200 day moving average price of $25.81.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.02. Rigetti Computing had a negative return on equity of 14.91% and a negative net margin of 3,111.92%.The company had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.33 million. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, equities analysts predict that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Transactions at Rigetti Computing

In related news, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $17.52, for a total transaction of $643,316.88. Following the sale, the chief technology officer directly owned 651,914 shares in the company, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the completion of the transaction, the chief financial officer directly owned 175,609 shares of the company’s stock, valued at approximately $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Heritage Wealth Advisors lifted its position in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares in the last quarter. Larson Financial Group LLC boosted its holdings in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares during the period. EFG International AG purchased a new position in shares of Rigetti Computing in the fourth quarter valued at $28,000. Tsfg LLC grew its position in shares of Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after purchasing an additional 858 shares during the period. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.